Hong Kong main index falls the most in 5 weeks after S&P downgrade
[HONG KONG] Hong Kong's benchmark index suffered its biggest one-day loss in five weeks on Friday, after rating agency Standard & Poor's downgraded its outlook for China and Hong Kong.
The Hang Seng index fell 1.3 per cent, to 20,498.92, its biggest one-day per centage loss since Feb. 25. For the week, the Hang Seng was up 0.8 per cent.
The China Enterprises Index lost 1.8 per cent on Friday, to 8,842.86 points. For the week, it gained 1.6 per cent.
S&P on Thursday cut its outlook for China's sovereign credit rating to negative from stable, and also downgraded the outlook for Hong Kong.
Shares fell across the board, with the energy sector among the biggest decliners.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Japan’s Sumitomo Corp net profit down 32% on Madagascar one-off loss
Hong Kong regulator brings insider trading charges against Segantii and its founder
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%
Asia: Stocks rise as Federal Reserve tamps down hike fears; yen leaps
Japanese companies struggle with yen’s continued weakness
Singapore stocks open stronger on Thursday; STI up 0.5%